HR 4061 · 117th Congress · Taxation

Fair Accounting for Condominium Construction Act

Introduced 2021-06-22· Sponsored by Rep. Pascrell, Bill, Jr. [D-NJ-9]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Ways and Means.(2021-06-22)

Plain Language Summary

[AI summary unavailable — showing source text] Fair Accounting for Condominium Construction Act This bill exempts certain residential construction contracts from the requirement to use the percentage of completion method of accounting. The percentage of completion method is a tax accounting method in which the revenues and expenses of long-term contracts are recognized as a percentage of the work completed in a particular period.…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (1)

1 Republican
Rep. Buchanan, Vern [R-FL-16]FL